Sustainable Industrialization and Economic Development The Role of Iron and Steel Sector in Nigeria

Abstract

This paper examines the role of iron and steel sector in facilitating sustainable industrialization and economic development with special reference to Ajaokuta Steel Complex. The study adopts secondary source of data collection for overall understanding of the subject matter.  The major findings of the study revealed that development of iron and steel sector determines industrialization and economic development. That iron and steel industry produced critical industrial goods such as: machine tools, rolling mill facilities, rods and bars, wires which can lead to industrialization and economic development in Nigeria. Sustainable Industrialization is a key to sustainable transformation of raw materials, increased capital goods, productivity, generate employment opportunities, increased exports, foreign exchange earnings and increased per capita income which can lead to economic development in Nigeria. The study recommends that development in iron and steel sector require adequate attention and funds, policy consistency and political will among leaders.